A two-valued qualitative variable can be represented by a single 0-or-1-valued "dummy" variable. If a qualitative variable has three or more possible values (e.g., make-of-car, or marital-status), ...

At times it is desirable to have independent variables in the model that are qualitative rather than quantitative. This is easily handled in a regression framework. Regression uses qualitative ...

In the early development of probability theory, only discrete random variables (although not called random variables at the time) were considered. Isaac Newton (1643-1727) considered the idea of ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...